Economists warn of the second financial crisis in the United States
Tuesday, February 24, 2009
some experts warn half financial crisis in the United States. This will in the rest of the world obviously does not go unnoticed and again a domino effect may result. Major exporters to the United States have seen their exports substantially all collapse, for example Brazil, China, Japan and South Korea.
For example, China is openly questioned what should be done with the more than 1.3 trillion dollars in reserves. China's foreign reserves amount to almost USD 2 trillion. The Chinese expect the Americans more money bijdrukken and loans to spend. This is negative for the dollar. There is now looked no more raw materials like oil, should be purchased with those reserves. Hillary Clinton is not nothing to China traveled to the country at heart to make it especially U.S. government bonds to continue to buy.
Several renowned American economists, such as Paul Krugman and Nouriel Roubini, think that American banks have hundreds of billions of dollars to write off. They believe that their only salvation is nationalization. Even 'bull market assistant Alan Greenspan is now. Many U.S. banks are in thousands of homes in their books. And the problems are not over, because according to Credit Suisse in 2011 the rates are adjusted accordingly (read: increase) in potential U.S. $ 1 trillion in Alt-A and ARM (adjustable rate) mortgages. And many homeowners could not cope. In addition, fears for hundreds of billions in credit-card loans and corporate bonds. Economists also see more withdrawals by hedge funds.
Obama tries to turn even nationalization and would rather see a public-private fund set up. Here, the bad assets are placed. The U.S. Ministry of Finance begins Wednesday with stress tests for the largest banks. They must identify which banks are healthy and in trouble if the economy deteriorates. It is expected that Citigroup and Bank of America these tests not scot through.
Source: energy plaza